Manufacturers in New York State are experiencing steady growth, according to the February 2017 Empire State Manufacturing Survey. The headline index for general business conditions rose 12 points to its highest level in more than two years at a reading of 18.7.
Indexes for new orders and shipments saw robust gains in February, rising to 13.5 and 18.2, respectively.
Survey responses indicated delivery times had lengthened and inventories were slightly higher. The unfilled orders index was positive for the first time since 2011.
Prices paid and received remained steady at the multi-year highs recorded last month. Employment inquiries showed some improvement in new hires and average work week length.
Survey respondents continue to have high optimism for future business conditions. The index was 41.6 despite dropping eight points in February. Manufacturers are expecting employment levels and workweek averages to increase in the next six months.
The capital expenditures index fell slightly to 22.4 and the index for technology spending increased to 16.3
The Empire State Manufacturing Survey is conducted by the Federal Reserve Bank of New York and is the first of five manufacturing surveys released by Federal Reserve banks each month.
Below is a graph showing the history of the Empire State Manufacturing Index. You will need to view the graph on our website to use its interactive features, you can do so by clicking here. If you need assistance logging into or navigating the website, please contact our office at 800-432-3475 or info@SteelMarketUpdate.com.
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